Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Grand Canyon Education Inc
Physical assets are 27.8% of total assets, a light footprint. Capex is 0.87x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 36.2%, above an 8% cost-of-capital hurdle.
Fixed-asset turnover is 4.01x. Compare it with other names in the same basket.
Physical asset ratio
27.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$275.53MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$992.31MtotalAssetsInventory was not reported and is treated as zero.Result 27.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
4.01xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.11BtotalRevenueNet PP&E$275.53MpropertyPlantAndEquipmentNetResult 4.01x
Revenue per dollar of the physical asset base.
Capex / D&A
0.87xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$34.90McapitalExpendituresD&A$39.90MdepreciationAndAmortizationResult 0.87x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$15.51Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$992.31MtotalAssetsGoodwill$160.77MgoodWillIntangibles$151.54MintangibleAssetsLiabilities$245.37MtotalLiabTangible book$434.62MShares28,024,000commonStockSharesOutstandingResult $15.51
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
7.59xPrice / tangible bookPrice / tangible book per sharePrice$117.69Latest quoteTangible book / share$15.512025-12-31Result 7.59x
Price $117.69.
Fixed-charge coverage
—Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$319.75MebitdaCapex$34.90McapitalExpendituresInterest—Not reportedShort-term debt$14.57MshortTermDebtEBITDA − capex$284.85MPrincipal due is short-term debt.Result —
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
7.9%Free cash flow yield · 2025-12-31Latest free cash flow / current market capFree cash flow$238.59MfreeCashFlowMarket cap$3.00BMarketCapitalizationResult 7.9%
Latest free cash flow divided by current market cap ($3.00B).
ROIC
36.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$303.32MoperatingIncomeTax expense$63.68MincomeTaxExpensePretax income$279.85MincomeBeforeTaxTax rate22.8%Equity$746.93MtotalStockholderEquityDebt$200.08MshortLongTermDebtTotalCash$300.08McashAndShortTermInvestmentsInvested capital$646.93MResult 36.2%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.10x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2018 | 13.0%Physical asset ratio · 2018-12-31(Net PP&E + inventory) / total assetsNet PP&E$111.04MpropertyPlantEquipmentInventory$61.67MinventoryTotal assets$1.32BtotalAssetsResult 13.0% | 7.61xFixed asset turnover · 2018-12-31Revenue / net PP&ERevenue$845.50MtotalRevenueNet PP&E$111.04MpropertyPlantEquipmentResult 7.61x | 2.66xCapex / D&A · 2018-12-31Capital expenditures / depreciation and amortizationCapex$94.86McapitalExpendituresD&A$35.67MdepreciationAndAmortizationResult 2.66x | $25.01Tangible book / share · 2018-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.32BtotalAssetsGoodwill$2.94MgoodWillIntangibles$0.00Not reported, treated as 0Liabilities$110.42MtotalLiabTangible book$1.21BShares48,414,000commonStockSharesOutstandingIntangibles were not reported and are treated as zero.Result $25.01 | 6.03xFixed-charge coverage · 2018-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$324.21MebitdaCapex$94.86McapitalExpendituresInterest$1.54MinterestExpenseShort-term debt$36.47MshortTermDebtEBITDA − capex$229.35MPrincipal due is short-term debt.Result 6.03x | $104.23MFree cash flow · 2018-12-31Reported free cash flowOperating cash flow$199.09MtotalCashFromOperatingActivitiesCapex$94.86McapitalExpendituresFree cash flow$104.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $104.23M | 19.0%ROIC · 2018-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$258.15MoperatingIncomeTax expense$57.99MincomeTaxExpensePretax income$287.00MincomeBeforeTaxTax rate20.2%Equity$1.21BtotalStockholderEquityDebt$59.91MshortLongTermDebtTotalCash$189.35McashAndShortTermInvestmentsInvested capital$1.08BResult 19.0% | 2.32xEBIT / PP&E · 2018-12-31Operating income / net PP&EOperating income$258.15MoperatingIncomeNet PP&E$111.04MpropertyPlantEquipmentResult 2.32x |
| 2019 | 8.7%Physical asset ratio · 2019-12-31(Net PP&E + inventory) / total assetsNet PP&E$147.50MpropertyPlantAndEquipmentNetInventory$300.00KinventoryTotal assets$1.69BtotalAssetsResult 8.7% | 5.28xFixed asset turnover · 2019-12-31Revenue / net PP&ERevenue$778.64MtotalRevenueNet PP&E$147.50MpropertyPlantAndEquipmentNetResult 5.28x | 0.84xCapex / D&A · 2019-12-31Capital expenditures / depreciation and amortizationCapex$22.65McapitalExpendituresD&A$26.92MdepreciationAndAmortizationResult 0.84x | $22.39Tangible book / share · 2019-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.69BtotalAssetsGoodwill$160.77MgoodWillIntangibles$202.06MintangibleAssetsLiabilities$246.86MtotalLiabTangible book$1.08BShares48,266,000commonStockSharesOutstandingResult $22.39 | 7.49xFixed-charge coverage · 2019-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$355.73MebitdaCapex$22.65McapitalExpendituresInterest$11.31MinterestExpenseShort-term debt$33.14MshortLongTermDebtEBITDA − capex$333.08MPrincipal due is the current portion of debt.Result 7.49x | $283.69MFree cash flow · 2019-12-31Reported free cash flowOperating cash flow$306.34MtotalCashFromOperatingActivitiesCapex$22.65McapitalExpendituresFree cash flow$283.69MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $283.69M | 14.7%ROIC · 2019-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$265.13MoperatingIncomeTax expense$58.33MincomeTaxExpensePretax income$317.50MincomeBeforeTaxTax rate18.4%Equity$1.44BtotalStockholderEquityDebt$169.52MshortLongTermDebtTotalCash$143.87McashAndShortTermInvestmentsInvested capital$1.47BResult 14.7% | 1.80xEBIT / PP&E · 2019-12-31Operating income / net PP&EOperating income$265.13MoperatingIncomeNet PP&E$147.50MpropertyPlantAndEquipmentNetResult 1.80x |
| 2020 | 9.7%Physical asset ratio · 2020-12-31(Net PP&E + inventory) / total assetsNet PP&E$189.68MpropertyPlantAndEquipmentNetInventory-$10.84MinventoryTotal assets$1.84BtotalAssetsResult 9.7% | 4.45xFixed asset turnover · 2020-12-31Revenue / net PP&ERevenue$844.10MtotalRevenueNet PP&E$189.68MpropertyPlantAndEquipmentNetResult 4.45x | 1.01xCapex / D&A · 2020-12-31Capital expenditures / depreciation and amortizationCapex$29.94McapitalExpendituresD&A$29.65MdepreciationAndAmortizationResult 1.01x | $25.87Tangible book / share · 2020-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.84BtotalAssetsGoodwill$160.77MgoodWillIntangibles$193.64MintangibleAssetsLiabilities$270.25MtotalLiabTangible book$1.22BShares47,165,000commonStockSharesOutstandingResult $25.87 | 8.98xFixed-charge coverage · 2020-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$367.19MebitdaCapex$29.94McapitalExpendituresInterest$4.40MinterestExpenseShort-term debt$33.14MshortLongTermDebtEBITDA − capex$337.25MPrincipal due is the current portion of debt.Result 8.98x | $278.88MFree cash flow · 2020-12-31Reported free cash flowOperating cash flow$308.82MtotalCashFromOperatingActivitiesCapex$29.94McapitalExpendituresFree cash flow$278.88MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $278.88M | 15.0%ROIC · 2020-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$277.44MoperatingIncomeTax expense$75.94MincomeTaxExpensePretax income$333.14MincomeBeforeTaxTax rate22.8%Equity$1.57BtotalStockholderEquityDebt$107.77MlongTermDebt + shortLongTermDebtCash$256.61McashAndShortTermInvestmentsInvested capital$1.43BReported total debt was more than 1.5× long-term debt plus the current portion, so invested capital uses those two lines.Result 15.0% | 1.46xEBIT / PP&E · 2020-12-31Operating income / net PP&EOperating income$277.44MoperatingIncomeNet PP&E$189.68MpropertyPlantAndEquipmentNetResult 1.46x |
| 2021 | 15.8%Physical asset ratio · 2021-12-31(Net PP&E + inventory) / total assetsNet PP&E$193.77MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$1.22BtotalAssetsResult 15.8% | 4.63xFixed asset turnover · 2021-12-31Revenue / net PP&ERevenue$896.56MtotalRevenueNet PP&E$193.77MpropertyPlantAndEquipmentNetResult 4.63x | 0.97xCapex / D&A · 2021-12-31Capital expenditures / depreciation and amortizationCapex$29.39McapitalExpendituresD&A$30.41MdepreciationAndAmortizationResult 0.97x | $15.90Tangible book / share · 2021-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.22BtotalAssetsGoodwill$160.77MgoodWillIntangibles$185.22MintangibleAssetsLiabilities$177.70MtotalLiabTangible book$699.06MShares43,958,000commonStockSharesOutstandingResult $15.90 | 30.46xFixed-charge coverage · 2021-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$365.30MebitdaCapex$29.39McapitalExpendituresInterest$3.60MinterestExpenseShort-term debt$7.43MshortTermDebtEBITDA − capex$335.91MPrincipal due is short-term debt.Result 30.46x | $283.73MFree cash flow · 2021-12-31Reported free cash flowOperating cash flow$313.12MtotalCashFromOperatingActivitiesCapex$29.39McapitalExpendituresFree cash flow$283.73MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $283.73M | 43.9%ROIC · 2021-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$282.19MoperatingIncomeTax expense$70.95MincomeTaxExpensePretax income$331.29MincomeBeforeTaxTax rate21.4%Equity$1.05BtotalStockholderEquityDebt$61.18MshortLongTermDebtTotalCash$600.94McashInvested capital$505.29MResult 43.9% | 1.46xEBIT / PP&E · 2021-12-31Operating income / net PP&EOperating income$282.19MoperatingIncomeNet PP&E$193.77MpropertyPlantAndEquipmentNetResult 1.46x |
| 2022 | 26.4%Physical asset ratio · 2022-12-31(Net PP&E + inventory) / total assetsNet PP&E$220.22MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$832.75MtotalAssetsInventory was not reported and is treated as zero.Result 26.4% | 4.14xFixed asset turnover · 2022-12-31Revenue / net PP&ERevenue$911.31MtotalRevenueNet PP&E$220.22MpropertyPlantAndEquipmentNetResult 4.14x | 1.14xCapex / D&A · 2022-12-31Capital expenditures / depreciation and amortizationCapex$35.63McapitalExpendituresD&A$31.18MdepreciationAndAmortizationResult 1.14x | $9.31Tangible book / share · 2022-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$832.75MtotalAssetsGoodwill$160.77MgoodWillIntangibles$176.80MintangibleAssetsLiabilities$195.13MtotalLiabTangible book$300.05MShares32,237,000commonStockSharesOutstandingResult $9.31 | 27.24xFixed-charge coverage · 2022-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$271.30MebitdaCapex$35.63McapitalExpendituresInterest$2.00KinterestExpenseShort-term debt$8.65MshortTermDebtEBITDA − capex$235.67MPrincipal due is short-term debt.Result 27.24x | $185.19MFree cash flow · 2022-12-31Reported free cash flowOperating cash flow$220.82MtotalCashFromOperatingActivitiesCapex$35.63McapitalExpendituresFree cash flow$185.19MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $185.19M | 34.2%ROIC · 2022-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$237.50MoperatingIncomeTax expense$55.44MincomeTaxExpensePretax income$240.12MincomeBeforeTaxTax rate23.1%Equity$637.62MtotalStockholderEquityDebt$77.44MshortLongTermDebtTotalCash$181.70McashAndShortTermInvestmentsInvested capital$533.36MResult 34.2% | 1.08xEBIT / PP&E · 2022-12-31Operating income / net PP&EOperating income$237.50MoperatingIncomeNet PP&E$220.22MpropertyPlantAndEquipmentNetResult 1.08x |
| 2023 | 28.2%Physical asset ratio · 2023-12-31(Net PP&E + inventory) / total assetsNet PP&E$262.15MpropertyPlantAndEquipmentNetInventory$1.00inventoryTotal assets$930.46MtotalAssetsResult 28.2% | 3.67xFixed asset turnover · 2023-12-31Revenue / net PP&ERevenue$960.90MtotalRevenueNet PP&E$262.15MpropertyPlantAndEquipmentNetResult 3.67x | 1.42xCapex / D&A · 2023-12-31Capital expenditures / depreciation and amortizationCapex$45.43McapitalExpendituresD&A$31.97MdepreciationAndAmortizationResult 1.42x | $12.90Tangible book / share · 2023-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$930.46MtotalAssetsGoodwill$160.77MgoodWillIntangibles$168.38MintangibleAssetsLiabilities$212.45MtotalLiabTangible book$388.87MShares30,147,000commonStockSharesOutstandingResult $12.90 | 22.27xFixed-charge coverage · 2023-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$291.68MebitdaCapex$45.43McapitalExpendituresInterest$33.00KinterestExpenseShort-term debt$11.02MshortTermDebtEBITDA − capex$246.25MPrincipal due is short-term debt.Result 22.27x | $198.23MFree cash flow · 2023-12-31Reported free cash flowOperating cash flow$243.66MtotalCashFromOperatingActivitiesCapex$45.43McapitalExpendituresFree cash flow$198.23MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $198.23M | 34.4%ROIC · 2023-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$249.26MoperatingIncomeTax expense$54.69MincomeTaxExpensePretax income$259.68MincomeBeforeTaxTax rate21.1%Equity$718.01MtotalStockholderEquityDebt$99.28MshortLongTermDebtTotalCash$244.51McashAndShortTermInvestmentsInvested capital$572.79MResult 34.4% | 0.95xEBIT / PP&E · 2023-12-31Operating income / net PP&EOperating income$249.26MoperatingIncomeNet PP&E$262.15MpropertyPlantAndEquipmentNetResult 0.95x |
| 2024 | 27.1%Physical asset ratio · 2024-12-31(Net PP&E + inventory) / total assetsNet PP&E$276.36MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$1.02BtotalAssetsInventory was not reported and is treated as zero.Result 27.1% | 3.74xFixed asset turnover · 2024-12-31Revenue / net PP&ERevenue$1.03BtotalRevenueNet PP&E$276.36MpropertyPlantAndEquipmentNetResult 3.74x | 1.02xCapex / D&A · 2024-12-31Capital expenditures / depreciation and amortizationCapex$37.25McapitalExpendituresD&A$36.55MdepreciationAndAmortizationResult 1.02x | $15.82Tangible book / share · 2024-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$1.02BtotalAssetsGoodwill$160.77MgoodWillIntangibles$159.96MintangibleAssetsLiabilities$234.57MtotalLiabTangible book$463.13MShares29,271,000commonStockSharesOutstandingResult $15.82 | 22.55xFixed-charge coverage · 2024-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$327.87MebitdaCapex$37.25McapitalExpendituresInterest$4.00KinterestExpenseShort-term debt$12.88MshortTermDebtEBITDA − capex$290.63MPrincipal due is short-term debt.Result 22.55x | $252.71MFree cash flow · 2024-12-31Reported free cash flowOperating cash flow$289.96MtotalCashFromOperatingActivitiesCapex$37.25McapitalExpendituresFree cash flow$252.71MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $252.71M | 37.7%ROIC · 2024-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$275.40MoperatingIncomeTax expense$65.08MincomeTaxExpensePretax income$291.32MincomeBeforeTaxTax rate22.3%Equity$783.85MtotalStockholderEquityDebt$108.52MshortLongTermDebtTotalCash$324.62McashInvested capital$567.75MResult 37.7% | 1.00xEBIT / PP&E · 2024-12-31Operating income / net PP&EOperating income$275.40MoperatingIncomeNet PP&E$276.36MpropertyPlantAndEquipmentNetResult 1.00x |
| 2025 | 27.8%Physical asset ratio · 2025-12-31(Net PP&E + inventory) / total assetsNet PP&E$275.53MpropertyPlantAndEquipmentNetInventory$0.00Not reported, treated as 0Total assets$992.31MtotalAssetsInventory was not reported and is treated as zero.Result 27.8% | 4.01xFixed asset turnover · 2025-12-31Revenue / net PP&ERevenue$1.11BtotalRevenueNet PP&E$275.53MpropertyPlantAndEquipmentNetResult 4.01x | 0.87xCapex / D&A · 2025-12-31Capital expenditures / depreciation and amortizationCapex$34.90McapitalExpendituresD&A$39.90MdepreciationAndAmortizationResult 0.87x | $15.51Tangible book / share · 2025-12-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$992.31MtotalAssetsGoodwill$160.77MgoodWillIntangibles$151.54MintangibleAssetsLiabilities$245.37MtotalLiabTangible book$434.62MShares28,024,000commonStockSharesOutstandingResult $15.51 | —Fixed-charge coverage · 2025-12-31(EBITDA − capex) / (interest + short-term debt)EBITDA$319.75MebitdaCapex$34.90McapitalExpendituresInterest—Not reportedShort-term debt$14.57MshortTermDebtEBITDA − capex$284.85MPrincipal due is short-term debt.Result — | $238.59MFree cash flow · 2025-12-31Reported free cash flowOperating cash flow$273.49MtotalCashFromOperatingActivitiesCapex$34.90McapitalExpendituresFree cash flow$238.59MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $238.59M | 36.2%ROIC · 2025-12-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$303.32MoperatingIncomeTax expense$63.68MincomeTaxExpensePretax income$279.85MincomeBeforeTaxTax rate22.8%Equity$746.93MtotalStockholderEquityDebt$200.08MshortLongTermDebtTotalCash$300.08McashAndShortTermInvestmentsInvested capital$646.93MResult 36.2% | 1.10xEBIT / PP&E · 2025-12-31Operating income / net PP&EOperating income$303.32MoperatingIncomeNet PP&E$275.53MpropertyPlantAndEquipmentNetResult 1.10x |
- Inventory was missing and treated as zero in the physical asset ratio.
- Principal due is short-term debt, the amount reported as due within a year.
Latest year inputs (2025)
Net PP&E: $275.53M
Inventory: $0.00
Total assets: $992.31M
Goodwill: $160.77M
Intangibles: $151.54M
Liabilities: $245.37M
Tangible book: $434.62M
Shares: 28,024,000
Revenue: $1.11B
Capex: $34.90M
D&A: $39.90M
EBITDA: $319.75M
Interest: —
Short-term debt: $14.57M
Free cash flow: $238.59M
Operating income: $303.32M
Invested capital: $646.93M
Tax rate: 22.8%